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A growing and stable economics, a relatively cheap but competent workforce, tough but transparent and fair conditions for investors. These are far from all the reasons why today is the best time to open a biz in Spain. The economy of the state is interested in attracting foreign investments, because the current legislation does not put non-residents in a less favorable position than locals: the terms for all are equal.
Despite the status of an industrial country, as in any other European state, the basis of the Spanish economy is small-sized businesses in Spain, Local legislation defines the business structure of Spain as a country of this type of enterprises, emphasizing their central place in the issues of increasing national wealth, creating workers places and supporting employment, as well as flexibility in case of economic turmoil.
The historical predominance of the rural population and the small number of large industrial enterprises determined a certain, so to speak, Spanish national tradition, such a “folk economic style”. Small and medium-sized enterprises (SMEs) are the foundation of entrepreneurship and the production structure in Spain as a whole, which is demonstrably confirmed by statistics:
According to the uniform criteria that have been in force in the EU since 2005, the following are created in Spain:
About 25% of all these organizations work in trade, the second most significant in this context is the construction of businesses in Spain for sale – it accounts for about 12.7% of the total number of all small enterprises.
About 9% of companies belong to hotel complexes.
Opening a company is associated with certain features and requirements in non-European countries. But let’s dispel the myth right away:
To obtain a company in country, a non-citizen must:
As stated by the World Bank’s Doing Business in Spain report, the country is not among the countries with the possibility of quick business registration. According to the World Bank, the kingdom ranks 85th in the world according to this criterion: due to the many bureaucratic procedures, opening a company in Spain takes an average of about 13 days, compared to 8 days in average spent by entrepreneurs in other OECD countries. However, such data are derived only on the basis of SB calculations, and according to sociologists, entrepreneurs spend an average of 47 days on creating a company.
On the example of an LLC, it will be:
Considering the difficulties of registering a business in the kingdom, foreign capital often prefers to buy an already existing Spanish enterprise. In this case, we are talking about more serious amounts. But buying a ready-made business has its advantages.
In short, it is the presence of a ready-made target audience, established corporate mechanisms, equipment, advertising, probably stable income. Among the most popular destinations are the hotel and restaurant business, beauty salons and shopping complexes, coffee shops and gas stations.
It is interesting that a foreigner will not need a special resident status to buy a company. Moreover, after the purchase of the enterprise, the investor can apply for a business visa or even a GNP.
Summarizing all that has been said, we can highlight several obvious pros and cons of setting up a business in Spain. Among advantages: